Honeywell partners with SID at IISc to support startups with societal impact
Honeywell announced on Tuesday that it has partnered with the Society for Innovation and Development (SID) at the Indian Institute of Science (IISc) to support deep science startups with societal impact.
The partnership opens up opportunities to support startup ventures working on science and technology projects not related to the company's core areas of work, but intended to address large, societal problems, a statement from Honeywell said.
Honeywell's corporate social responsibility (CSR) contribution would also target needs relating to COVID-19, including building a new class of eco-friendly specialty fluorescent dyes and a rapid point-of-care diagnostics test for use in low resource settings, it said.
President of Honeywell India, Akshay Bellare was quoted as saying: "As a responsible corporate citizen, we see this partnership as a path to fostering a vibrant startup ecosystem, driving innovation to solve societal challenges, and opening up pathways for job creation and economic stimulation."
Professor B Gurumoorthy, Chief Executive, SID, said, "At SID we are well positioned to nurture and grow startups by providing access to the right technology, lab infrastructure, seed funding, mentoring, and human capital.
We are hopeful that this collaboration with Honeywell, which is a leading technology company, will encourage more corporates to support technology incubation through CSR funding."
Honeywell said its funds have been deployed to support six startups — Azooka Labs Private Limited, Siamaf Healthcare Private Limited, Protein Design Private Limited, Mimyk Medical Simulations Private Limited, HealthSeq Precision Medicine Private Limited, and PathShodh Healthcare Private Limited — to begin with.
Honeywell and SID are currently evaluating a new crop of startups to support, the statement added.
The multinational conglomerate has conducted a number of CSR initiatives in the past to make a sustainable impact on the underserved communities. The Honeywell Hometown Solutions India Foundation (HHSIF), a part of their CSR arm, works primarily in the fields of Science and Math education, family safety and security, housing and shelter, sustainability, and humanitarian relief.
(Disclaimer: Additional background information has been added to this PTI copy for context)